Update: In January 2024, Hilton Grand Vacations completed its acquisition of Bluegreen Vacations.
Mark Wang, president and CEO of Hilton Grand Vacations, released the following statement:
“I’m thrilled to welcome Bluegreen Vacations to the HGV family, uniting two highly complementary businesses to further scale and diversify our best-in-class offering. This combination adds approximately 200,000 members and expands our resort portfolio to nearly 200 properties in 14 new geographies and eight new states. The addition of exciting new outdoor destinations and world-class strategic partnerships, including Bass Pro Shops and NASCAR, transforms our business from a leader in the vacation ownership industry to a premier vacation ownership and experiences company that builds on our legacy of adventure, innovation and exploration. Together, we have the opportunity to offer our members and guests access to even more memorable vacations and experiences, while enhancing our ability to drive long-term shareholder value.”
If you’re a Bluegreen owner, here are some questions and answers about the acquisition.
Bluegreen owners who no longer wanted their properties previously had an option to contact Bluegreen and surrender the unwanted property. Unfortunately, Hilton does not offer that option.
The good news is that the Hilton acquisition should expand your travel options.
However, if you’re stuck with a Bluegreen/Hilton timeshare you don’t want, you will need to contact Hilton to review your options. In some cases, they may offer to buy your contract. Otherwise, you’ll need to either sell your property, give it away, rent it or hire a reputable timeshare exit company.
This report will be updated as specifics about the transition become available.
If you’re a Bluegreen owner and you have information about the acquisition, how the points will work or any other significant changes to the fees or resale process, please contact Credit Summit directly at rstumpf@mycreditsummit.com.
Established in 1966, Patten Realty, Inc. was a land management company later renamed Bluegreen Vacations. Since that time, Bluegreen Vacations is a global leader in vacation ownership. They boast 220,000+ owners with vacation timeshares across a range of popular destinations in the U.S. and Caribbean.
Sound like a dream? Timeshare ownership can often become a nightmare, so think before buying any timeshare. According to a University of Central Florida study, 85% of timeshare owners who go to contract regret their purchase. If you regret buying a timeshare from Bluegreen, here are some options for an exit strategy.
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Best Way to Get Out of a Bluegreen Timeshare
The best option is to return the ownership to the resort developer. Bluegreen offers a unique service that allows Bluegreen Vacation Club owners to exit their ownership and surrender it directly to Bluegreen.
Bluegreen owners can call a specialist directly at 800-456-2582 or fill out a form using a timeshare resale brokerage.
If you call Bluegreen directly, they will refer you to their customer care department and discuss options with you. They do not have an in-house resale department and will recommend you a resale provider.
You can also sell it on your own and try to recoup some of that initial outlay of funds by tapping into friends and family, social media, and other online marketing efforts.
How Do I Give Back a Bluegreen Timeshare?
To qualify to cancel Bluegreen timeshares, they will have to be paid in full, and all yearly maintenance fees must be current, must not have a mortgage, and is points-based and not a fixed-week property.
There is an online form and a phone number where you can contact Bluegreen directly and begin ending your ownership.
If you do not qualify for this, you may want to explore other options, such as selling it yourself, hiring a timeshare resale real estate agent or hiring an attorney or a timeshare exit company.
If you use a timeshare broker, they will not charge you an upfront fee to put your timeshare on the market. Any costs are paid from the commission of the final sale price.
Why Don’t More Bluegreen Owners Know About This Program?
Bluegreen — or any other timeshare developer — won’t promote this because they are in the business of making money. What’s the point of signing a costly contract when you can place a simple phone call on your own to give it back?
Before you begin trying to get rid of your timeshare, streamline the process by gathering all the ownership documentation, current statements, and other paperwork that confirms ownership rights.
If This Won’t Work for You, Here are Other Options to Consider
If you are feeling stuck with your timeshare contract, other options could include refinancing your timeshare mortgage or giving away your timeshare to friends or family.
Give It to Charity
Giving away to charity is another great option. Not only does it help you get rid of a burden, but it also helps others. They provide you with a tax receipt for your contribution. Plus, you may be eligible to deduct the fair market value of your donation from your taxes.
But before you do this, check to make sure the charity truly wants it. You don’t want to burden an unsuspecting charity with thousands of dollars in annual fees. You will want to consult your tax adviser to determine if you qualify for the tax write-off and make sure you understand whether there are any financial ramifications on your part if the charity defaults on payments.
The charity will also help you with the transfer and paperwork process. Donating to a charity means that you don’t have to continue to pay the maintenance fees, taxes and special assessments while the timeshare sits on the market.
Keep in mind that a charity will be unable to accept your timeshare donation if there is a mortgage attached to it.
Rent It Out
Timeshare rental sites such as KOALA can also help offset your annual dues and maintenance fees. If they can rent out your timeshare, they take an 8% commission fee, much like an Airbnb for timeshares. They also provide you with free $1 million host coverage, a secure payment transaction portal, and a flexible cancellation policy.
Is There a Rescission Period?
Yes. If you have purchased your Bluegreen timeshare directly from Bluegreen, you have a period known as a recission period in which you can request to get out of your ownership. The rescission period is usually within three to 10 days from your purchase date, but the length of time depends on the rescission law in the state in which you purchased your timeshare points.
Read the fine print in the contract to know what the exact rescission period is.
What is Hilton’s Timeshare Cancellation Policy?
You will need to review any updated information you receive from Hilton to learn whether there are any cancellation options if the rescission period has expired. We suggest contacting them directly. They may be willing to work with you, and Hilton has counselors on staff who can review your options.
Sell It on the Resale Market
If you’re looking to sell, online sites such as eBay, Craigslist, RedWeek and Timeshare Users Group will be your cheapest options, or you could hire a real estate agent. If you choose the DIY route, you will need to put in the legwork for yourself, such as checking the going rate and looking at comparable properties to estimate a realistic valuation.
Keep your expectations realistic. It’s unlikely that you’re going to be able to sell for an amount close to your purchase price unless your property is in high demand (Disney Vacation Club, for example.)
Most buyers and sellers are online nowadays, just like searching for any other kind of real estate or travel product. Promote your timeshare online in as many outlets to have a chance of finding a buyer. It takes some time to set up but is very cost-effective.
Brokers can also create an online listing at no cost to the seller and put the word out through a national broker network.
If you hire an agent, most states require some license to sell timeshares or timeshare resales. Some states require a real estate license, while others require a special timeshare license, and several states have no licensing requirement to handle sales or resales of timeshares. Check your state-specific laws.
Stop Paying Your Dues
If you have a mortgage, your payments are being made to the lender, and if you stop paying your Bluegreen timeshare payments, the lender will want its money back. Your account could be referred to a debt collector or, in extreme cases, taken to court for a decision.
Once the lender reports to any one of the three major credit reporting agencies — Experian, Transunion, and Equifax — your credit can take a severe hit from late payments, foreclosure, or charge-off.
Before considering this route, consult a law firm since this can hurt your credit score — like bankruptcy — and stay on your credit report for the next seven years. A derogatory remark on your credit report will hamper your ability to get any loan or even housing during this period.
Work With a Reputable Timeshare Exit Company
Even though Bluegreen provides an exit strategy for customers, not everyone will qualify. If you are carrying a mortgage, you may need to hire a timeshare exit company. Beware of scams that look for upfront fees and don’t have licensed agents.
Legitimate timeshare exit companies will have an escrow payment option, offer free consultations and give you a full refund if you aren’t satisfied. Escrow is particularly important because it protects you — and your money — if the company you choose closes suddenly or declares bankruptcy.
Timeshatter is a great overall option, while Lonestar Transfer is best for properties with a mortgage attached to them. Timeshatter has an excellent online reputation and is our recommendation as the best overall timeshare exit company. They provide customized service by analyzing your contract and pairing you with the expert in that scenario.
Lonestar Transfer is unique because it specializes in two different strategies: one for clients who own the property free and clear, and another for clients who are carrying a mortgage. It offers a money-back guarantee and has an A+ Better Business Bureau rating.
Where are Bluegreen Resorts Located?
Most Bluegreen resorts are located along the Eastern Seaboard from New Hampshire to Florida, including one of the most popular U.S. timeshare destinations, Orlando. There are a few locations in the Midwest, three locations in the West, including Southern California, Las Vegas, and Arizona; one in Hawaii and one in Aruba.
The Bottom Line
The timeshare industry has perfected the sales pitch, but think twice before buying into any timeshare, even deeded fractional ownerships. Timeshares do not increase in value, have no investment value, and only your maintenance fees are guaranteed to increase each year. For many people, timeshare ownership ends up being a huge financial burden. And, if you decide to relinquish your timeshare, it can be costly and a huge hassle.
In the end, there is no market value for timeshares, even in the resale market. And if you decide to stop paying, lenders can strike you and ruin your credit.